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Mario Gabelli talks about the big media stocks he's playing

  • The CEO of GAMCO likes companies that are controlling the content of movies and videos, and even those that control the music libraries that millions of users are playing on their mobile devices.
  • That means stocks like Vivendi, Sony and Viacom, which he thinks could improve its position by selling non-U.S. assets and reducing its debt obligation.

For investing legend Mario Gabelli, content is king, and it's also where he's putting his money these days.

The CEO of GAMCO Investors likes companies that are controlling the content of movies and videos, and even those that control the music libraries that millions of users are playing on their mobile devices.

"I have a simple concept," Gabelli said Tuesday at the Yahoo Finance All Markets Summit. "Whatever you see on any device anywhere in the world, you follow it both on content and creativity."

At a company level, that means stocks like Vivendi, Sony and Viacom, which he thinks could improve its position by selling non-U.S. assets and reducing its debt obligation.

"We like Sony for a lot of reasons — artificial intelligence, robots, virtual reality, but also their content," he said.

Gabelli also likes package deals, particularly a company like Madison Square Garden in which investors get not only a multifaceted entertainment complex but also a professional basketball team in the New York Knicks.

The business climate in the U.S. is improving, he added, thanks to the Trump administration's focus on reducing regulations.

"We still have a democracy," Gabelli said. "The tweeting is not necessarily the way to do it. I don't like the tactics we're using, but I do like the approach."

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